FWEB: Called SHORT at $15.50. TODAY: $7.59 and FALLING......
STINKY STOCK DEfECTIVE: A PRIMER...
1) CEO Kevin Lichtman PUMPED and DUMPED a stock called DRIP:
Message 9291640
2) FWEB used to be AXXESS. Link on alleged manipulation of its stock:
businessweek.com
3) Former employee reports FWEB uses PIRATED SOFTWARE:
ragingbull.com
ragingbull.com
ragingbull.com
4) Story independently confirmed by other employees:
ragingbull.com
ragingbull.com
5) $50 Millions (meritorious, IMO) Law Suit filed by ZSUN against FWEB:
biz.yahoo.com
6) Financial position, from 10SB filed on Freeedgar:
+ Outstanding shares: approx. 7,653,000, plus various Warrants, Options, Rights, Convertible, Notes, you name it, etc...
+ Balance Sheet: ZERO, as the $1 Million in Assets approximately balances $1 Million in Liabilities
+ Market Capitalization: $ 58 Millions, more or less...
+ 1998 Losses: $1,268,000, up from $373,000 in 1997, on $159,500 Revenue,
6) Conclusion:
$1 Million in Assets, $1 Million in Liabilities and $1.27 Million in Losses on $159,500 Revenue for 1998, does this look like the sound Financial situation of a successful Business about to go on NASDAQ?? IMHO, fair value, as I see it, could well be in the $1.50 to $3.00 range.
7) Disclaimer:
This is my personal opinion only and I have no position in FWEB. The foregoing represents a recap of my research on FWEB, intended for my sole use. Therefore, this is not posted for investment purposes. Some of the "facts" and "figures" may well be erroneous and thorough Due Diligence Must be carried out before forming an opinion.
Regards, F. Goelo + + +
PS: Flodyie, a proven Short Selling basher (SSB) once more confirmed his collaboration with Stinky Stock Defective for XNET and ZSUN articles, further demonstrating the lack of credibility of this Electronic Rag....
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